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Cyprus Extends "Bank Holiday" Blocks Transfers From Depositor's Accounts

Yesterday the European Union ministers agreed to bail out Cyprus in part by imposing a tax on money held on deposit by Cypriots.

A bank holiday was declared for Monday and the depositors would wake up Tuesday with their banks open and part of their money gone- no matter this would be a one time charge and Cyprus would be saved- so said the EU masters and the media.

More details here: Cyprus Bank Depositors Forced to Forfeit Money To Fund Bailout

Yesterday the Cypriot legisature was supposed to hastily meet to rubber stamp the bailout terms, but cancelled the meeting when it was realized that the measure might not pass.


The status now is the bank holiday has been extended and depositors have been blocked from their money until the Cypriot legislature can get the votes for the bailout to pass.


Stay tuned for dire warnings and threats if Cyprus doesn't agree to take it bank depositors' money to pay for the bailout.

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We could be wrong

We could be wrong. People may pour into the "safe haven" of the dollar and us treasuries instead and if they were to pour into shiny metals the organized shorts will probably shoot them down

But at some point physical demand if it ever really materializes will over run the shorts

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You can

Count on it.

"Its easier to fool people than to convince them that they have been fooled."
Mark Twain

Yeah gold and silver may counter intuitively drop

On the news as the risk on trade is cancelled and investors rush towards dollars
That might not last long

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